Ethanol Handling and Distribution Project at Albany Terminal Expected to be Completed in 2010WALTHAM, Mass., Mar 11, 2010 (BUSINESS WIRE) -- Global Partners LP (NYSE:GLP) ("the Partnership") today announced a
multi-million-dollar expansion and tank refurbishment project that will
add 180,000 barrels of ethanol storage capacity and rail access at the
Partnership's refined petroleum products terminal in Albany, New York.
Developed jointly with Canadian Pacific Railway Limited (CP) (TSX/NYSE:
CP), the project, expected to be operational in 2010, includes
modifications that will enable the Albany terminal to schedule the
delivery of 80-car trains of ethanol. Global Partners will connect the
terminal to CP's adjacent Kenwood Yard rail facility via pipeline. The
terminal and rail facility are strategically located along the Hudson
River, providing access to the Partnership's terminal network in the
Northeast.
"This strategic project further advantages our Albany terminal as a
low-cost, logistically situated asset within our supply and distribution
chain," said Global Partners' President and Chief Executive Officer Eric
Slifka. "The terminal and rail facility serves as an advantaged
distribution point for our network of terminals throughout the
Northeast."
Global Partners' estimated cost for this project is approximately $5
million. The Partnership will be responsible for enhancements to its
terminal, including the refurbishment of two refined petroleum product
tanks to store ethanol. CP will be responsible for construction of the
rail car unloading facility at Kenwood Yard. CP has single-line haul
capability from the U.S. Midwest to water on the U.S. Eastern seaboard.
In a separate and complementary project, Global Partners also is
converting two distillate storage tanks to gasoline storage at the
Albany facility.
"Connecting our terminal to CP's Kenwood Yard provides us with another
supply option into and out of the Albany terminal, thereby creating an
additional revenue opportunity and further enhancing our operating
efficiencies," Slifka said. "The project diversifies our product base
and enables us to meet the market's growing need for ethanol in the
Northeast."
These initiatives, together with earlier tank rehabilitations completed
by Global Partners, will increase the storage capacity at the Albany
terminal from approximately 737,000 barrels when the Partnership
acquired it in May 2007 to approximately 1.2 million barrels.
About Global Partners LP
Global
Partners LP, a publicly traded master limited partnership based in
Waltham, Massachusetts, owns, controls and has access to one of the
largest terminal
networks of refined
petroleum products in the Northeast. The Partnership is one of the
largest wholesale distributors of gasoline,
distillates (such as home
heating oil, diesel
and kerosene) and residual
oil to wholesalers, retailers and commercial customers in the
region. Global Partners LP, a FORTUNE 500(R) company, trades on
the New York Stock Exchange under the ticker symbol "GLP." For
additional information, please visit www.globalp.com.
Forward-looking Statements
This news release contains certain "forward-looking statements" within
the meaning of the federal securities laws. These forward-looking
statements are identified as any statements that do not relate strictly
to historical or current facts and can generally be identified by the
use of forward-looking terminology including "will," "may," "believe,"
"expect," "anticipate," "estimate," "continue" or other similar words.
Such statements may discuss business prospects, goals, new developments
and future expectations or contain projections of results of operations,
financial condition and Global Partners LP's ability to make
distributions to unitholders. These statements are not guarantees of
performance. Although Global Partners LP believes these forward-looking
statements are based on reasonable assumptions, statements made
regarding future results are subject to a number of assumptions,
uncertainties and risks, many of which are beyond the control of Global
Partners LP, which may cause actual results to be materially different
from the forward-looking statements contained in this news release. For
specific risks and uncertainties that could cause actual results to
differ materially from forward-looking statements, please refer to
Global Partners LP's Annual Report on Form 10-K for the year ended
December 31, 2008, Form 10-Q for the quarter ended September 30, 2009
and subsequent filings the Partnership makes with the Securities and
Exchange Commission. All forward-looking statements included in this
news release and all subsequent written or oral forward-looking
statements attributable to Global Partners LP or persons acting on its
behalf are expressly qualified in their entirety by these cautionary
statements. The forward-looking statements speak only as of the date
made, and Global Partners LP undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE: Global Partners LP
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Global Partners LP
Edward J. Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary